DEPARTMENT OF TAXATION NEWS RELEASE: PRELIMINARY COMPARATIVE STATEMENT OF STATE GENERAL FUND TAX REVENUES OCTOBER 2020
News Release from DoTax, Nov 11, 2020
For October 2020, the fourth month of fiscal year (FY) 2021, the cumulative General Fund tax deposits are down by 8.0% compared with the same period in FY 2020.
General Excise and Use Tax (GET) collections, the largest single category of tax collections, were $221.9 million in October.
For FY 2021, cumulative collections of the GET are down by 25.1% from last fiscal year.
Individual Income Tax (IIT) collections were $191.4 million for October. Cumulative collections of the IIT are up by 24.7% from last fiscal year.
Transient Accommodations Tax (TAT) collections were $3.3 million for October. Cumulative collections of the TAT are down by 92.8% from last fiscal year.
This report includes income tax payments for Calendar Year 2019 that were paid in July 2020 instead of April 2020. If the payments were removed from FY2021 figures,
- corporate income tax collections would be down by 36.8%,
- IIT collections would be down 7.0%, and
- General Fund collections would be down 20.5%
in FY2021 compared to the same period from the last fiscal year.
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